Rupee falls 49 paise against US dollar

Rupee falls 49 paise against US dollar

Mumbai, October 3, 2022

Increasing crude prices and demand for dollars resulted in the Indian rupee falling by 49 paise to touch Rs 81.89 against the greenback.

The crude prices increased with oil producers indicating lowering production.

The increase in crude prices hit the Indian rupee as the country meets the bulk of its oil needs through imports.

Further the Indian stock markets too fell on Monday.

The Reserve Bank of India (RBI) does not have any fixed dollar:rupee exchange rate and its market interventions are to curb excessive volatility, Governor Shaktikanta Das said recently.

He also said the aspect of adequacy of forex reserves is always kept in mind while RBI intervenes in the forex market.

IANS

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